New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-09-15
RUMoRs ABOUT THE OIL CONFERENCE.
A SMALL PANIC IN PTTTsBURG-A RAPID DECLINE
ANn HEAVY SAIEs.

SMALL PANIC IN PITTsBURG-A RAPID DECLINE
AND HEAVY SALES.
PTTsBURG, Sept IA tSpecsa-All sorts OF rumors are
aoat about the result OF the conference OF oil pro-
ducers be gun Bradford and supposed To have ended In
this city One afternoon paper says that the Standard
Oil Company has agreed to transfer to certain body OF
barrels OF oil at 02 cents per barrel
this oil TO be aerward sold out for the benefit OF said
producers at 81 per barrel They agreed TO hold meet
ings, establish secret lodges, and curtaii
the amount OF their own and others production 70
g. 600 900 barrels The Standard OIL Company will not
lose one cent will merely fail to make tho difference
between the price OF tho 100000 barrels at 62 cents
and at 81 II bought every barrel OF this amount at
62 cents or beow-perhaps the bulk at 90 cents The
producers, the contrary will make 600 II tho
terms of contract are carried out. when tho market
reaches 81. This immense sum VIII be prorafed among
Another paper says that tho conference IS
derisively spoken Of among brokers that moth, h,
the conference who had tho courage TO appear
on the ETchanse floor to-day was Kirk. and he
had cool reception third afternoon pa per that
combination has been effected but not with, with,
Operators Claimed during yesterdays conference
that they had held the market up and did not care 70
show where the controlling hand really lay. the Stan
dard OIL Company started 10 break the market and sue
ceedcd which brought the unruy ones INTO Ihe Inc
same paper asserts hat the other hand some oil men
believe the deal has fallen through aud point to the state
There was small panic oil to-day, prices dropping
Ia a short time The market opened weak st oe
slight reaction then followed ana at o'clock prices had
recovered 66la The greatest excitement prevailed
during the decline. and large amount OF oil was un-
loaded This afternoon the selling fever broke out aresh
the the session the members on the oor
were n an uproar Everybody wanted to sell and prices
declined rapidly TO 62, closing weak at 62H This Is
OF Is In two days No failures nave been re.
ported aud dealers hopeful that all the sheets viii
pass the clearing house In the morning. Tho sales today
tho largest for months aggregatng several million
barrels.
OIL FALLS STILL LOWER WITHOUT FAILURES
There was another excited market In oil at the Con-
sodated Stock and Petroleum Exchange yesterday and
the successful gave To their foes Prices
were hammered pessy and did not stop until they haa
reached 62 cents q drop OF IS cents In two days No
failures were announced feature OF tho erratic ad'
and rises petroleum being that the financial
stability OF the oil brokers is seldom impaired sufficiently
to require pabc attention DO called to It, But 1t Is
secret boson The incident of the morning the ap
pearance OF Joseph w. Craig, large producer In the
Washington field Pennsylvania on the floor OF the Ex
change He greeted with wild hOwls VI delight ana
bear sido OF the market Mr. craig took his reception
Inodesy and dscaimod the credit for the crash In val
ues that has taken place But the boys" smiled for.
payingly on Jo," as the genial Pitsburger Is best
known aud seemed TO DO secretly satisfied that part OF
good fortune due TO the fortunate producer
who has lot OF big gushers and who Is said TO DC
opposed 10 the curtameut OF production that most Oh
the other producers want - -,
The bears had light money in OIL City and some big
prices and somehow rumors again got about that the
producers who arc negotiating for shutdown In tho
output were not harmonious. This Is denied emphat-
cay by the wclowners who attended tno recent PITTS
that thero prospect OF the success OF tho move
inent